Huobi Exchange Review | Is it safe or a scam?

Huobi is a Singapore-based exchange with a focus on customer service and independent cryptocurrency analysis. Founded in 2013, Huobi is still very much centered on the Asian market, with offices in Japan, Korea, and Hong Kong, in addition to its head Singapore office. Huobi does maintain a single office in the U.S. However, as of May 2018, Huobi warns U.S. visitors to its site that it cannot accept their registrations due to U.S. regulatory laws. The company has stated that it intends to open a service for U.S. citizens in the near future, based out of its San Francisco, California, location.

What is a cryptocurrency exchange?
Cryptocurrency exchanges are websites where you can buy, sell or exchange cryptocurrencies for other digital currency or traditional currency like US dollars or Euro. For those that want to trade professionally and have access to fancy trading tools, you will likely need to use an exchange that requires you to verify your ID and open an account. If you just want to make the occasional, straightforward trade, there are also platforms that you can use that do not require an account.

What is the spread in cryptocurrency trading?
The spread is the difference between the buy and sell prices quoted for a cryptocurrency. Like many financial markets, when you open a position on a cryptocurrency market, you’ll be presented with two prices. If you want to open a long position, you trade at the buy price, which is slightly above the market price. If you want to open a short position, you trade at the sell price – slightly below the market price.

What is a lot in cryptocurrency trading?
Cryptocurrencies are often traded in lots – batches of cryptocurrency tokens used to standardise the size of trades. As cryptocurrencies are very volatile, lots tend to be very small: most are just one unit of the base cryptocurrency. However, some cryptocurrencies are traded in bigger lots.

What is Huobi?
Huobi is one of the largest cryptocurrency exchanges by trade volume - comparable to OKEx and Bit-Z. It was initially aimed at the Chinese market but has since expanded to more than 130 countries.

It’s also one of the oldest exchanges - having launched in 2013. Huobi’s holding company, Huobi Global, has teams in Japan, South Korea, United Kingdom, Australia, Canada, Brazil, and Hong Kong.

Huobi has a token, Huobi Token (HT), which it issued in January 2018. It is listed on Coin Market Cap as one of the top 100 currencies by market cap.

Who created Huobi?
Leon Li founded the company China in 2013. Li has a financial technology background and was a computer engineer at Oracle before launching Huobi.

History of Huobi. 
September 2013 – Huobi founded
November 2017 – Moves headquarters to Singapore after China bans crypto exchanges
January 2018 – Huobi Token (HT) announced
April 2018 – Hits $1 trillion in trades
September 2018 – Acquires Japanese crypto exchange Bittrade
November 2018 - Huobi launches derivatives market

Huobi is big on marketing promotions. In December 2018, it announced it would give away a Maserati Ghibli to the person who had the ‘highest cumulative trading score” during the last week of the month.

User Interface and Mobile App
Available on iOS and Android, the Huobi mobile app features most of the functionalities available on the web platform. You can even complete tasks like account registration and verification directly via the app. In Google Play, the Huobi Global app has an average rating of 4.1 stars out of 3,730 reviews. However, in December 2018 and January 2019, some users have said that the Android app won’t let them login due to an error with Captcha.

Available countries offers its services to users across more than 130 countries around the world. Contact the Huobi team to find out whether you can access the platform from your country of residence.

Which payment methods are accepted?
You can deposit funds into your trading account using a cryptocurrency transfer. However, make sure any currency you want to trade is supported by the platform before attempting to make a deposit.

Apart from the regular crypto-asset exchange, this platform offers a range of other trading-related services.

A short overview for each of these services is given below.

SMARTCHAIN: This is a qualitative model that’ll evaluate all the existing blockchain-backed assets available in the market.
LABS: This is a consultancy service for blockchain start-ups; this service has a lot of subsections including designing business models, tutoring the development team, and developing big-ticket strategic plans.
Huobi Mining Pool: As a robust platform, this network provides its own pool that’ll make mining easier.
Huobi Ecology: This is just like an end-to-end partnering ecosystem where this exchange network joins hands with some of the leading names in the blockchain space. That way, this platform plans to make the whole blockchain sector more powerful.
Huobi Capital: This is an initiative where new influential investments are made, and innovative asset management methods are built to accelerate the blockchain’s implementation.
Overall, Huobi is one robust ecosystem that has remodeled the concept of the crypto exchange and has even taken this sort of trading to a whole new level.

Huobi Withdrawal fees
This exchange charges a withdrawal fee amounting to 0.0001 BTC when you withdraw BTC. This fee is below the industry average and thus constitutes a competitive advantage against the majority of other top crypto exchanges in the market.

Deposit Methods
This platform offers wire transfer as a deposit method, but you can’t deposit via credit card.

Customer Support
Huobi provides support 24 x 7 and can be reached out through Zendesk ticketing system for resolution of any issues.

#1. Impressive trading platform
#2. Over 100 cryptocurrencies and tokens supported on the main exchange
#3. Alternative HADAX exchange listing altcoins that are voted on
#4. High-level cybersecurity
Strong customer support

#1. Fiat deposits and withdrawals not supported
#2. Lengthy account registration process

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